Crest Petroleum Corp. Announces Termination of Share Purchase Agreement

Vancouver, British Columbia - May 16, 2014 - Crest Petroleum Corp. (“Crest”) (TSX VENTURE: CTP.P), has terminated the previously announced share purchase agreement among Crest, Indio Well Services Corp., Everett Willard Gray II, Sixto Medrano, Jr. and Jeffrey Dale Barger dated February 27, 2014. Crest terminated the share purchase agreement pursuant to Section 6.3(a) of the share purchase agreement, which section permitted Crest to terminate the share purchase agreement if all of the conditions to the completion of the transactions contemplated therein had not been satisfied or waived on or before 9:00 a.m. (Calgary time) on May 15, 2014.

Crest had intended the transactions contemplated by the share purchase agreement to constitute its qualifying transaction for the purposes of Policy 2.4 for the TSX Venture Exchange.

Crest is a publicly traded capital pool company based in Vancouver, British Columbia currently focused on identifying an oil and gas qualifying transaction. For further information on Crest or this news release, please visit our website at www.crestpetroleum.com or review the Company’s profile on SEDAR at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact:

Toby Pierce President and Chief Executive Officer Phone: +44 751 713 1747 Email: [email protected]

This news release contains certain statements that may be deemed "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forwardlooking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

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